Legend Biotech's (LEGN) "Buy" Rating Reaffirmed at HC Wainwright

HC Wainwright reissued their buy rating on shares of Legend Biotech (NASDAQ:LEGN - Free Report) in a report issued on Wednesday,Benzinga reports. HC Wainwright currently has a $73.00 price target on the stock.

A number of other brokerages have also recently issued reports on LEGN. Scotiabank boosted their target price on shares of Legend Biotech from $70.00 to $76.00 and gave the company a "sector outperform" rating in a report on Monday, August 12th. Royal Bank of Canada restated an "outperform" rating and set a $86.00 price target on shares of Legend Biotech in a research report on Tuesday, October 29th. Finally, Redburn Atlantic started coverage on shares of Legend Biotech in a research report on Tuesday, October 8th. They set a "buy" rating and a $86.00 price target for the company. Thirteen analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus target price of $81.46.

Legend Biotech Trading Down 2.1 %

Shares of LEGN stock traded down $0.83 during trading hours on Wednesday, hitting $39.35. 1,169,212 shares of the company's stock traded hands, compared to its average volume of 1,092,352. The company has a debt-to-equity ratio of 0.25, a current ratio of 4.84 and a quick ratio of 4.78. Legend Biotech has a 12 month low of $38.60 and a 12 month high of $70.13. The stock's 50 day simple moving average is $46.86 and its 200 day simple moving average is $48.40.

Legend Biotech (NASDAQ:LEGN - Get Free Report) last issued its quarterly earnings results on Tuesday, November 12th. The company reported ($0.34) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.56) by $0.22. Legend Biotech had a negative return on equity of 29.22% and a negative net margin of 66.92%. The firm had revenue of $160.20 million for the quarter, compared to analyst estimates of $143.91 million. During the same period in the previous year, the firm earned ($0.17) earnings per share. The company's revenue was up 66.9% compared to the same quarter last year. Sell-side analysts predict that Legend Biotech will post -1.48 earnings per share for the current year.

Institutional Investors Weigh In On Legend Biotech

Several institutional investors have recently bought and sold shares of the company. Mitsubishi UFJ Asset Management Co. Ltd. lifted its stake in Legend Biotech by 21.0% during the 1st quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 52,584 shares of the company's stock valued at $2,949,000 after acquiring an additional 9,122 shares during the period. Janus Henderson Group PLC increased its holdings in shares of Legend Biotech by 8.0% during the 1st quarter. Janus Henderson Group PLC now owns 2,014,012 shares of the company's stock worth $112,982,000 after buying an additional 148,855 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of Legend Biotech by 1.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 10,949,120 shares of the company's stock valued at $614,137,000 after purchasing an additional 140,904 shares during the last quarter. Russell Investments Group Ltd. boosted its stake in Legend Biotech by 82.7% during the first quarter. Russell Investments Group Ltd. now owns 183,741 shares of the company's stock worth $10,306,000 after buying an additional 83,150 shares during the period. Finally, Swiss National Bank increased its holdings in Legend Biotech by 3.9% in the 1st quarter. Swiss National Bank now owns 159,994 shares of the company's stock valued at $8,974,000 after purchasing an additional 6,000 shares during the last quarter. 70.89% of the stock is currently owned by institutional investors and hedge funds.

About Legend Biotech

Legend Biotech Corporation, a clinical-stage biopharmaceutical company, through its subsidiaries, engages in the discovery, development, manufacturing, and commercialization of novel cell therapies for oncology and other indications in the United States, China, and internationally. Its lead product candidate, LCAR- B38M, is a chimeric antigen receptor for the treatment of multiple myeloma (MM).